Presentation Q1-2012 - English version - SpareBank 1 Gruppen AS

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Presentation Q1-2012 - English version - SpareBank 1 Gruppen AS

  1. 1. 1st Quarter 2012Presentation of results Q1from SpareBank 1 GruppenKirsten Idebøen, CEO 26 April 2012
  2. 2. Good development in results for the group - Best Q1 result in the past five years • Pre-tax profit: MNOK 173 (162) Pre-tax profit for the group for Q1 (MNOK) • Profit after tax: MNOK 200 (152) 162 173 3 • Annualised return on equity: 15.9 (12.9) % 131 • Total assets in the group were NOK 44.5 g p 87 billion, as compared to NOK 42.0 billion at 68 year-end 2011 • Good solvency: – Capital adequacy ratio: 14.8 % against2008 2009 2010 2011 2012 16.2 % as at 31/12/2011 – Core capital adequacy ratio: 13.1 % p q y against 14.6 % as at 31/12/2011 – Well-equipped to meet new capital requirements in Solvency II2
  3. 3. Result development per business area Pre-tax profit per subsidiary (MNOK) • Improved administration result in life insurance. The company has continued to build up buffers throughout the quarter. 166 Q1 2011 Q1 2012 • Lower occurrences of large claims and good129 development in financial income contribute positively to strong results in P&C insurance. insurance 94 • Strategic and operative measures in terms of 50 management p g provides g good management g results and increased total assets in ODIN 12 Forvaltning. 7 7 -1 -3 • SB1G Finans: Factoring is still growing fastest -45 in the market, and there is a lower average referral volume in Conecto. SB1G Finans SB1 Skade rkets SB Liv ODIN B1 SB1 Mar • SpareBank 1 Markets now has the whole team in place and a rated balance. This means that all framework conditions are in place for full market operations. 3
  4. 4. SpareBank 1 Livsforsikring Improved administration result Good b ffe capital buffer4
  5. 5. SpareBank 1 Livsforsikring Improved administration result. Good buffer capital p p • Pre-tax profit for Q1: MNOK 94 (129) Pre-tax profit (MNOK) quarterly P t fit (MNOK), t l • Administration result: MNOK -7 ( 19) 7 (-19) – Stable cost base and increased income from fees Q1 Q2 • Investment result: MNOK 73 (206) Q3 – MNOK 31 allocated to strengthen provisions for longer life expectancy 129 Q4 – Investment result in Q1 last year characterised by realized gains on 109 foreign exchange of MNOK 130 100 98 – The company has during Q1 2012 built up the securities adjustment92 94 86 reserve to MNOK 466 from MNOK 185 as of 31/12/2011. In 31/12/2011 72 78 comparison, the securities adjustment reserve was MNOK 448 in Q1 2011, which was down from MNOK 617 as of 31/12/2010. • Risk result: MNOK 29 (69) – Increased number of payments owing to death in risk insurance, plus higher costs in connection with reported disability claims. 2010 2011 2012 • Tax income in Q1 was MNOK 32 (1) – Tax income is calculated in accordance with current tax regulations. The Ministry of Finance has proposed an amendment to the tax exemption method for life insurance companies. The authorities proposal will not be taken into consideration in the accounts until the proposal is adopted. 5
  6. 6. SpareBank 1 Livsforsikring The company has continued to build up buffers throughout the quarter Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK) 14.6 % 15.2 % 14.0 % 14.1 14 1 % 617 12.8 % 11.0 % 466 327 185 Q4 Q1 Q2 Q3 Q4 Q1 2010 2011 2011 2011 2011 2012 2009 2010 2011 Q1 2012 Core capital in excess of minimum Interim profit Additional provisions Securities adjustment reserve • From the securities adjustment reserve:• Total assets: NOK 28 (27) billion – MNOK 221 belongs to the ordinary group – The increase is primarily due to share price portfolio performance of financial assets – MNOK 87 belongs to paid-up policy portfolio – MNOK 158 belongs to the portfolio for• Capital adequacy ratio: 17.5 (19.2) % previously established individual savings – The entire subordinated loan comprises core capital products – Estimated solvency margin of 296.5 %, compared to 303.5 % at year-end 20116
  7. 7. Asset allocation per portfolio as of 31/03/2012 (31/12/11) SB1 Livsforsikring SB1 Skadeforsikring Group Investment choice portfolio Group portfolio Company portfolio 0.0 (0.0) % 13.4 (13.8) % 0.0 (-4.5) % 10.1 (10.4) % ( ) 0.0 (0.0) % 37.2 (37.4) % 1.0 (-0.2) % 20.6 (18.8) % 8.4 (7.9) % 12.2 (12.7) %44.5 (45.9) % 55.5 (54.2) % 20.2 (21.0) % 54.9 (60.9) % 28.2 (28.0) % 24.4 (24.8) % 0.0 (-0.1) % 69.3 (69.0) % Stocks Stocks Other Other Stocks OtherStocks Other Bonds Real estate Real estate Real Estate Bonds at amortised cost Bonds - amortized cost Bonds - amortized cost Bonds at Market value Bonds - market value Bonds - market value NOK 7.5 (6.9) billion NOK 16.3 (15.7) billion NOK 2.9 (2.9) billion NOK 10.0 (9.6) billion 7
  8. 8. SpareBank 1Skadeforsikring GroupSignificantly iSi ifi tl improved claims ratio d l i tiand good financial return8
  9. 9. SpareBank 1 Skadeforsikring Group Significantly improved claims ratio and good financial return Pre tax profit Pre-tax profit, quarterly (MNOK) • Pre-tax profit for Q1: MNOK 166 (50) Pre tax 308 Q1 Q2 • Insurance result*: MNOK -19 (-30) 254 Q3 – Lower proportion of large claims and milder winter Q4 • Net financial income: MNOK 194 (95) 168 166 – Financial return: 2.0 (1.1) % • Portfolio growth in Q1 of 2.4 %, to NOK 5.3 billion 50 5636 43 • On 16 April 2012 it was decided to sell Unison Forsikring following a clarification of SpareBank 1s distribution strategy. -89 • Turid Grotmoll is acting CEO of the P&C insurance 2010 2011 2012 company. In March 2012 Tore Tenold accepted a job offer from a competing company.* Insurance result in Q1 2011 and 2012 includes Unison Forsikring 9
  10. 10. SpareBank 1 Skadeforsikring Group Lower proportion of large claims in Q1 2012 Combined ratio for own account – quarterly (%) 108.6 108 6 105.5 105.8 10 8 Combined ratio for own account (%) 100.3 101.9 100.7 101.6 103.5 20.2 92.9 89.8 21.9 21.1 96.2 97.7 22.4 21.3 94.6 94.0 23.8 26.0 89.9 17.1 87.2 22.9 22.7 22.5 21.0 20.7 21.9 21 9 20.6 20.5 88.3 83.6 84.7 75.9 76.6 79.4 74.7 80.4 6 67.1 76.7 80.6 73.9 72.1 73.8 66.7 69.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 2011 2011 2011 2012 Net claims ratio Net cost ratio 2005 2006 2007 2008 2009 2010 2011 -Significantly improved claims ratio in the BM portfolio as a Net claims ratio Net cost ratio result of a lower proportion of large claims so far this year -Positive profitability developments on the main products in the PM portfolio10
  11. 11. SpareBank 1 Skadeforsikring Group Positive portfolio growth in Q1 2012 Growth G o th in po tfolio pe year (MNOK) portfolio per ea • Total portfolio growth of MNOK 130 to NOK 5.3 billion 5,328 – Combined portfolio growth in Unison Forsikring and the LO segment of MNOK 125 0 125.0 – Market share of 11.3 % as at 31/12/2011. Market3,358 statistics for Q1 2012 are not available at the time of reporting • Net earned premium of NOK 1.2 (1.1) billion, corresponding to a growth of 10.8 % 31.12.2004 4 2 31.03.2012 2011 2005 2006 2007 2008 2009 201011
  12. 12. O ODIN Forvaltning o a g Good management results12
  13. 13. ODIN Forvaltning Good management results Pre-tax profit (MNOK), quarterly • Pre-tax profit for Q1: MNOK -0.5 (12) – Management f fees totalled MNOK 6 (8 ) ll d O 67 (87) Q1 17 17 16 Q2 • Total assets under management of NOK 26.2 billion in14 Q3 Q Q1 Q4 – Increased by NOK 2.7 billion from year-end 2011 12 12 6 • 8.9 % market share for equity funds at Q1 2012, unchanged from Q4 2011 • 3.8 % market share for combination funds at Q1 -0.5 2012, unchanged from Q4 2011 -9 • All of ODIN Forvaltnings equity funds and combination funds performed better than the 2010 2011 2012 benchmark portfolios in Q1 201213
  14. 14. ODIN Forvaltning All equity funds performed better than the benchmark portfolio q y p p Fund return as at 31/03/2012 (%) 22.6 Fond Indeks 17.0 17 0 15.3 13.5 13.3 13.6 12.9 13.0 12.8 12.910.9 10.5 10.9 10.9 10.8 10.4 9.4 8.0 8.2 6.6 6.2 4.8 5.3 3.2 ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  ODIN  Norden Finland Norge Sverige Maritim Offshore Eiendom I Europa Europa  Global Global SMB Emerging  SMB Markets Managed increase in value as at 31/03/2012 (%) 12.9 12.4 11.3 10.7 10.5 10.3 9.8 9.4 8.7 8.5 8.2 ODIN Alfred Berg Pareto Holberg Nordea KLP Markedssnitt DNB Storebrand Carnegie SKAGEN14
  15. 15. SpareBank 1 Markets Profitable P fit bl operations from Q4 2012 ti f15
  16. 16. SpareBank 1 Markets Profitable operations from Q4 2012 Results • Pre-tax profit for Q1: MNOK -45 (-3) • Profit after tax for Q1: MNOK -33 (-2) • Total revenue: MNOK 33 (35) Operational matters • SpareBank 1 Market has now acquired expertise and market clout through new recruitment. The necessary infrastructure has also been established, hereunder the collaboration established SpareBank 1 can, through SpareBank 1 agreement with SpareBank 1 SMN, which provides access to Markets, provide the entire capital rated balance. The income effects of these investments are structure, from bank loans to bonds and expected to appear gradually in the time ahead. equity • The result is in accordance to planned progress and previous indication of profitable operations from Q4 2012 remains unchanged.16
  17. 17. SpareBank 1 Gruppen Finans Group Continued f C ti d focus on growth and cost-efficiency th d t ffi i17
  18. 18. SpareBank 1 Gruppen Finans Group Continued focus on growth and cost-efficiency Pre-tax profit (MNOK) • Good growth in factoring operations, but p pressure on margins g − The countrys third largest factoring operation with 7 7 7 a market share of 14.2 (13.8) % in Q1 2012 Q1 2011 − Factoring saw growth of 22.7 % in the last 12 Q1 2012 months. Growth in the total market was 9.8 %. − Low lending losses in Q1 5 • Portfolios (long-term monitoring) total portfolio volume for Q1 2012 was MNOK 1 185 1,185, compared with MNOK 1,152 at year-end 2011 3 3 − Steady recovery on the portfolios − Good growth in net interest/credit commission 2 revenues 1 • The debt market is relatively stable, but with slight growth factoring portfolio Conecto SB1G Finans − Conecto has had a slightly sinking referral volume in (debt recovery) Group the last year − An improved recovery rate and changed portfolioPre taxPre-tax profit for SpareBank 1 Gruppen Finans Group also includes mix has largely compensated for mandatorymanagement and amortisation. reduction in debt recovery fees18
  19. 19. SpareBank 1 Gruppen top in terms of return on equity after tax among selected Nordic financial institutions g Average Q1 2012 2011 2010 2009 2009-2011 SpareBank 1 Group 15.9 % 11.1 % 18.7 % 18.1 % 16.0 % Handelsbanken 13.8 % 13.5 % 12.9 % 12.6 % 13.0 % Nordea 11.7 % 10.6 % 11.5 % 11.3 % 11.1 % Gjensidige* N/A 12.2 % 13.1 % 11.1 % 12.1 % DNB N/A 11.4 % 13.6 % 10.6 % 11.9 % Storebrand N/A 6.0 % 10.8 % 8.2 % 8.3 % Danske Bank N/A 1.4 % 3.6 % 1.7 % 2.2 % * Calculated as net profit distributed over average equity Source: Companies interim reports for 201219
  20. 20. The nation s savings bank nations 2020
  21. 21. Appendix A di21
  22. 22. SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 Sparebanken Samarbeidende LO (Trade Union) SR-Bank SMN Nord-Norge Hedmark Sparebanker (10 %) (19.5 %) (19.5 %) (19.5 %) (12 %) (19.5 %) SpareBank 1 Gruppen AS SpareBank 1 ODIN SpareBank 1 Markets Livsforsikring Forvaltning (97.47%) (100 %) (100 %) Alliance Cooperation SpareBank 1 SpareBank 1 SpareBank 1 Medlemskort Gruppen Finans Skadeforsikring (100 %) (100 %) (100 %) Broad cooperation - Technology / - Brand/communication Conecto Unison Forsikring - Expertise (100 %) - Common processes and use of best practice (100 %) - Purchasing Regional competence centres (Bank-owned companies) - Payment services: Trondheim SpareBank 1 Boligkreditt EiendomsMegler 1 - Credit: Stavanger BNbank - Training: Tromsø SpareBank 1 Oslo og Akershus22
  23. 23. SpareBank 1 Gruppen Key figures Q1 Q4 Q3 Q2 Q1 Year 2012 2011 2011 2011 2011 2011 Group Net result for the period (MNOK) 199.9 281.5 -4.8 97.2 151.9 525.8 Return on equity (%) 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 11.1 % Capital adequacy ratio, cumulative (%) 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 16.2 % Core capital adequacy ratio, cumulative (%) 13.1 % 14.6 % 14.0 % 13.9 % 12.6 % 14.6 % SB1 Livsforsikring Risk result (MNOK) 29.4 38.5 63.5 70.1 69.4 241.4 Administration result (MNOK) -7.5 -3.2 -19.8 -24.2 -18.7 -65.9 Investment result (MNOK) 73.2 3.1 51.6 108.0 205.8 368.5 Net result for the period (MNOK) 125.8 193.7 114.6 73.8 129.9 511.9 Buffer capital in % of insurance provisions*, cumulative (%) 12.8 % 11.0 % 14.1 % 14.0 % 15.2 % 11.0 % Capital adequacy ratio, cumulative (%) 17.5 % 18.5 % 18.5 % 17.1 % 19.2 % 18.5 % Securities adjustment reserve, cumulative (MNOK) 465.9 184.9 13.0 326.3 448.2 184.9 SB1 Skadeforsikring Group Operating result before finance (MNOK) -19.5 -15.5 0.0 8.2 -29.9 -37.3 Net financial income (MNOK) ( ) 194.0 160.8 -62.3 66.8 95.1 260.3 Net result for the period (MNOK) 139.5 90.8 -81.7 41.8 39.8 90.7 Claims ratio, net (%) 80.4 % 74.7 % 84.7 % 79.4 % 83.6 % 80.6 % Cost ratio, net (%) 21.3 % 26.0 % 21.1 % 22.4 % 21.9 % 22.9 % Combined ratio, net (%) 101.6 % 100.7 % 105.8 % 101.9 % 105.5 % 103.5 % Portfolio (MNOK) 5 328 5 198 5 092 4 986 4 825 5 198 ODIN Forvaltning Management fees (MNOK) 67.2 67 2 61.8 61 8 69.4 69 4 85.5 85 5 86.8 86 8 303.5 303 5 Net result for the period (MNOK) -0.3 -7.0 4.3 8.9 8.6 14.8 Total assets under management, cumulative (MNOK) 26 173 23 433 22 539 30 101 33 348 23 433 Market share equity fund, cumulative (%) 8.9 % 8.9 % 8.8 % 9.9 % 10.6 % 8.9 % Market share combination fund, cumulative (%) 3.8 % 3.8 % 3.8 % 3.5 % 3.2 % 3.8 % SB1 Markets Total operating income (MNOK) 32.9 15.3 12.6 23.5 34.8 86.3 Net result for the period (MNOK) -32.5 32 5 -57.4 57 4 -37.3 37 3 -15.9 15 9 -2.4 24 -113.1 113 1 SB1G Finans Group Net result for the period SB1G Finans Group (MNOK) 4.9 4.4 8.4 1.8 4.5 19.1 Net result for the period SB1G Finans - parent company (MNOK) 2.2 4.1 3.7 0.1 1.4 9.3 Net result for the period Conecto (MNOK) 3.3 2.2 6.7 3.7 5.1 17.7 *) Buffer capital as at Q4 is show n after profits have been distributed23
  24. 24. SpareBank 1 Gruppen Results for Q1 2012 Q1 Year Figures i MNOK Fi in 2012 2011 2011 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 94.1 129.4 414.1 - SpareBank 1 Skadeforsikring Group 165.5 50.3 185.3 - ODIN Forvaltning -0 5 0.5 11.9 11 9 21.8 21 8 - SpareBank 1 Markets -44.8 -3.4 -154.8 - SpareBank 1 Medlemskort 2.8 3.1 12.1 - SpareBank 1 Gruppen Finans Group 6.8 6.8 27.9 - Correction Group 0.0 -0.9 28.6 Net result before tax from subsidiaries 223.8 197.1 535.1 Total operating costs (parent company) -33.5 -27.7 -88.6 Net investment charges (parent company) -16.8 -7.1 -59.3 Share of associated company 0.0 0.0 0.2 Pre- tax result 173.5 162.4 387.3 Taxes 26.4 -10.5 138.5 Net N t result for the period lt f th i d 199.9 199 9 151.9 151 9 525.8 525 8 Majority interest 200.7 152.4 529.8 Minority interest -0.8 -0.5 -4.0 Q1 Year Key figures 2012 2011 2011 Annualised return on equity 15.9 % 12.9 % 11.1 %24
  25. 25. SpareBank 1 Gruppen Quarterly results Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Figures in MNOK 2012 2011 2011 2011 2011 2010 2010 2010 2010Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9 - SpareBank 1 Skadeforsikring Group 165.5 168.1 -89.3 56.2 50.3 307.5 253.9 43.4 36.3 - ODIN Forvaltning -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4 - SpareBank 1 Markets -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 - SpareBank 1 Medlemskort 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4 - SpareBank 1 Gruppen Finans Group S B k G Fi G 6.8 68 5.9 59 12.2 12 2 3.0 30 6.8 68 6.6 66 -4.9 49 7.0 70 -0.1 01 - Correction Group 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1Net result before tax from subsidiaries 223.8 188.6 - 26.6 175.9 197.1 374.6 318.1 185.1 158.2Total operating costs (parent company) -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0Net investment charges (parent company) -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9Share of associated company 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0Pre- tax result 173.5 140.1 - 60.6 145.4 162.4 342.5 347.4 163.9 131.3Taxes 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5Net result for the period 199.9 281.5 - 4.8 97.2 151.9 324.0 259.1 155.6 92.8Majority interest 200.7 283.1 -3.6 98.0 152.4 327.9 263.9 155.9 93.3Minority interest -0 8 0.8 -1 6 1.6 -1 1 1.1 -0 8 0.8 -0 5 0.5 -3 9 3.9 -4 8 4.8 -0 3 0.3 -0 5 0.525
  26. 26. SpareBank 1 Livsforsikring Results for Q1 2012 Q1 Year Figures in MNOK 2012 2011 2011 Insuranc e risk income 361.2 335.8 1 338.7 Insuranc e risk claims -340.4 -255.5 -1 061.7 Risk result 20.7 80.2 277.0 Tecnical allocations 8.7 -10.8 -35.6 Risk result after tecnical allocations 29.4 69.4 241.4 Fees 184.8 170.7 708.6 Expenses, exclusive comissions E l i i i -128.6 128 6 -129.7 129 7 -527.2 527 2 Comissions -63.7 -59.8 -247.3 Administration result -7.5 -18.7 -65.9 Net investment income 188.6 319.1 791.1 Guaranteed interest to policyholders -115.4 -113.3 -422.6 Investment result 73.2 73 2 205.8 205 8 368.5 368 5 Reserves -31.3 -33.0 -187.3 Investment result after reserves 41.9 172.8 181.2 Compensation guaranteed interest 6.3 5.4 22.6 Result before additional provisions 70.1 228.8 379.4 Undistributed profits to customers p -15.2 -118.9 -61.5 Return on companys assets 39.2 19.5 96.2 Net profit to owner before tax 94.1 129.4 414.1 Taxes 31.7 0.5 97.8 Net profit/loss for the period 125.8 129.9 511.9 Key figures Q1 Year 2012 2011 2011 Capital adequacy ratio 17.5 % 19.2 % 18.5 % Buffer capital in % of insurance provisions 12.8 % 15.2 % 11.0 %26
  27. 27. SpareBank 1 Livsforsikring Results per portfolio for Q1 2012 Previously Group established Investment choice Company Figures in MNOK portfolio individual products portfolio portfolio Total Risk result 35.1 -5.0 -0.6 0.0 29.4 Administration result 21.4 21 4 -9.3 -9 3 -19.5 -19 5 0.0 00 -7.5 -7 5 Net investment result 46.8 25.0 0.9 0.5 73.2 Reserves - long life -31.3 0.0 0.0 0.0 -31.3 Compensation interest guarantee 6.3 0.0 0.0 0.0 6.3 Transferred to policyholders -8.2 -6.9 -0.1 0.0 -15.2 Return on company s assets companys 0.0 00 0.0 00 0.0 00 39.2 39 2 39.2 39 2 Sum 70.1 3.7 -19.4 39.6 94.127
  28. 28. SpareBank 1 Livsforsikring Premium income trend Q1 Year Figures in MNOK 2012 2011 2011 Individual annuity and pension insurance 72.3 73.1 284.9 Individual endowment ins ance Indi id al endo ment insurance 147.9 147 9 138.5 138 5 570.6 570 6 Group pension insurance 244.3 242.7 465.6 Individual life insurance 53.8 48.0 199.0 Group life insurance 239.1 217.5 604.4 Unit Linked - Annuity 9.3 93 10.7 10 7 39.0 39 0 Unit Linked - Endowment 36.7 51.6 181.1 Defined contribution pension 265.1 236.2 980.7 Total gross due premium income 1 068.5 1 018.2 3 325.5 Premium reserves transferred from other companies 102.4 142.0 660.8 Reinsurance ceded -28.6 -40.2 -160.4 Premium income for own account 1 142.3 1 120.0 3 825.928
  29. 29. SpareBank 1 Livsforsikring Return on customer portfolio with guarantee as at Q1 2012 Value-adjusted return excluding change i value construction: l di h in l t ti Booked return: Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 5.4 3.4 3.0 4.6 4.0 2.5 3.2 PercentPercent 2.1 2.0 1.7 1.2 1.0 10 N/A N/A N/A N/A SpareBank 1 Storebrand DNB Livsforsikring Nordea SpareBank 1 Storebrand DNB Livsforsikring Nordea 29 Source: company presentations
  30. 30. SpareBank 1 LivsforsikringReturn on ordinary customer portfolio with guarantee as at y p g31/03/2012 Percent P t Norwegian shares 14.8 Foreign shares 13.3 Money market 1.1 Norwegian bonds 1.9 Foreign bonds 2.3 23 Hold to maturity 1.2 Real estate 1.630
  31. 31. SpareBank 1 Livsforsikring Balance sheet as of 31/03/2012 Q1 Year Figures in MNOK 2012 2011 2011 Intangible assets 131 53 107 Investments 2 938 3 013 2 881 Reinsurances part of insurance obligations 207 223 223 Accounts receivable 149 134 225 Other assets 339 215 368 Prepayed liabilities and accrued income 0 2 0 Investments group portfolio 16 466 15 786 15 909 Investments options portfolio 7 470 6 788 6 896 Total assets 27 699 26 215 26 607 Paid in capital 1 825 1 602 1 825 Other equity 560 516 435 Subordinated loan capital p 200 400 200 Insurance obligations - contractual 16 389 15 776 15 812 Insurance obligations - investment options 7 561 6 895 6 993 Provisions for obligations 75 131 88 Premium deposits from reinsurance companies 139 135 139 Other bli ti Oth obligations 888 659 1 043 Accrued liabilities, prepaied income 62 101 73 Total liabilities and equity 27 699 26 215 26 60731
  32. 32. SpareBank 1 Skadeforsikring Group Results for Q1 2012 Q1 Year Figures in MNOK 2012 2011 2011 Gross written premium 1 713.1 1 553.3 5 358.2 Net earned premium 1 234.5 1 100.8 4 695.9 Net incurred claims -992.3 -920.7 -3 784.0 Net insurance operating costs -262.4 -241.1 -1 074.2 Other insurance income/costs 1.2 4.5 31.8 Changes in other technical reserves -0.5 26.5 93.2 Operating result before finance -19.5 -29.9 -37.3 Net financial income 194.0 95.1 260.3 Result before changes in security reserve 174.5 174 5 65.1 65 1 223.0 223 0 Changes in security reserve -9.0 -14.8 -37.7 Pre-tax profit 165.5 50.3 185.3 Taxes -26.0 -10.5 -94.6 Net profit/loss for the period 139.5 39.8 90.7 Key figures Q1 Year Figures in percentage 2012 2011 2011 Claims ratio net ratio, 80.4 80 4 % 83.6 83 6 % 80.6 80 6 % Cost ratio, net 21.3 % 21.9 % 22.9 % Combined ratio, net 101.6 % 105.5 % 103.5 % Capital adequacy ratio 30.9 % 30.3 % 32.8 %32
  33. 33. ODIN Forvaltning Results for Q1 2012 Q1 Year Figures in MNOK 2012 2011 2011 Management fees 67.2 67 2 86.8 86 8 303.5 303 5 Total operating income 67.2 86.8 303.5 Salaries 24.6 29.2 108.5 Depreciations 6.5 3.9 23.5 Other operating costs 36.9 42.5 151.1 Total operating costs 68.0 75.6 283.1 Operating profit -0.8 11.2 20.3 Net financial income 0.3 0.7 1.5 Pre-tax profit -0.5 11.9 21.8 Taxes -0.2 02 3.3 33 7.1 71 Net profit/loss for the period -0.3 8.6 14.833

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